Well intervention, also known as well work, is a type of oil and gas drilling operation. It is performed for various purposes including well diagnostics, well management, and well geometry alteration. Subsea well intervention has become a fast-growing industry, and any deep water development project will require some type of intervention. The types of vessels used for well intervention include e-line and wireline operations, as well as utilizing diving capabilities for wells that can only be accessed by divers. In addition, new technologies such as cement packers and perforate-wash-cement (PWC) are making their debut in the region. While renewable energy sources provide clean power, they aren't yet reliable for today's society. Therefore, the demand for oil and gas from well intervention is expected to increase. In addition, the rapid depletion of oil and gas reserves is spurring new discoveries. The expected hike in oil prices is a boon to exploration companies and oil field operators.
Competitive Landscape:
Major players operating in the global well intervention market include -
Altus Intervention
Welltec
Oceaneering International
Key Energy Services
Nine Energy Services
Basic Energy Services
Pioneer Energy Services
Trican Well Service
Expro Group
Archer
NexTier Oilfield Solutions
Weatherford International
Baker Hughes
Schlumberger
Halliburton.
Key Market Drivers:
Increasing developments in the global well intervention market is expected to augment the growth of the market. For instance, in October 2020, Weatherford International introduced a reservoir monitoring solution called ForeSite. Light interventions include well service personnel performing repairs inside a flowing oil or gas production line. These operations include removal of obstructions, evaluation of the well's condition, and chemical stimulation. The latter type of intervention may also involve pumping and plugging the well. In addition to light interventions, heavy interventions also require extensive planning and expertise. Well intervention is an oil and gas drilling operation that involves the alteration, management, and diagnosis of the well. It can be performed at any stage of a well's productive life and helps maintain optimal operating conditions. The various types of well intervention focus on specific concerns in particular types of wells. If the well is damaged, the intervention process could even be used to safely shut it down. And, if the well is inoperable, intervention can also improve the quality of the subsea well. Increasing prevalence of oil and gas companies in the world is estimated to enhance the growth of the global well intervention market.
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Covid-19 Impact Analysis:
During the COVID-19 pandemic, the global well intervention market witnessed several challenges. However, owing to the increasing developments by key market players, in the later stages of the COVID-19 pandemic, the market witnessed gradual boosts. For instance, in March 2021, Microsoft and Schlumberger entered in a partnership in order to provide enterprise-scale, open data management to the energy industry.
Key Takeaways:
- North America is expected to hold the major share of the global well intervention market, owing to the increasing prevalence of key players in the region. For instance, in April 2021, Halliburton introduced a wireline logging service, called StrataXaminer.
- The Middle East region is estimated to witness high growth in the global well intervention market, owing to the increasing prevalence of oil fields in the region. For instance, according to GEO ExPro, there are around 932 giant oil fields in Middle East.
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